Avery Dennison Declares 12.5 Percent Dividend Increase; Company Announces Authorization to Repurchase Common Stock.PASADENA, Calif.--(BUSINESS WIRE)--Oct. 28, 1999-- The board of directors of Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. Corporation (NYSE NYSE See: New York Stock Exchange :AVY) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :AVY) today declared a quarterly cash dividend of 27 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , an increase of 12.5 percent from the previous 24 cents per share. The dividend is payable on December 15, 1999, to shareholders of record at the close of business on December 1, 1999. This is the 24th consecutive year Avery Dennison has increased dividends. The Company's annual dividend has grown from 3.75 cents per share in 1975 to 99 cents per share in 1999 for a 24-year annual compound growth rate of 14.6 percent. Avery Dennison also announced that the board of directors has authorized the repurchase of 5 million shares of the Company's outstanding common stock, which is about 5 percent of the total outstanding common stock. This is in addition to prior authorizations prior authorization, n See predetermination. prior authorization Health insurance A cost containment measure that provides full payment of health benefits only if the hospitalization or medical treatment has been to purchase up to an aggregate of 35.4 million shares, under which approximately 34.2 million shares have been purchased since 1990. The Company has repurchased 2.1 million shares for $116 million to date in 1999. Stock purchases may be made from time to time at the discretion of Company management. Avery Dennison is a global leader in pressure-sensitive technology and innovative self-adhesive solutions for consumer products and label materials. Based in Pasadena, Calif., the Company had 1998 sales of $3.5 billion. Avery Dennison develops, manufactures and markets a wide range of products for consumer and industrial markets, including Avery-brand office products, Fasson-brand self-adhesive materials, peel-and-stick postage stamps This is a list of postage stamps that are especially notable in some way. The best-known stamps:
For more information visit the Avery Dennison Web site at www.averydennison.com. |
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